Yes, According to Eyonix:
[blizz=http://forums.worldofwarcraft.com/thread.html?topicId=7475807549&sid=1]Arena Season 4 has now officially begun, and players can immediately begin competing for the new Brutal Gladiator and Guardian PvP item sets. Players will now also be able to purchase Arena Season 2 items using the honor system. Please note that we have reset all Arena team and personal ratings, though players retain their Arena points and teams. The team and personal rating have simply been reset to the default 1500, allowing all teams to once again compete for top honors with a fresh start. Also, with the end of the third season, players on the top teams from each battlegroup will be receiving their end-of-season rewards approximately one week from today. These include Arena-specific titles that they can display proudly until the end of the new season, and, for the best of the best, an Armored Nether Drake.

It's very important for players who feel that they may be eligible for the Arena-specific title and/or Armored Nether Drake to refrain from transferring their character to another realm between now and when these end-of-season rewards are physically awarded, otherwise they will become ineligible to receive either. [/blizz]